New Delhi, April 29 -- Global oil prices have surged sharply, with Brent crude climbing above USD 114 per barrel, as escalating tensions between the United States and Iran continue to rattle energy markets.
Recent trends show Brent crude gaining over 3pc in the latest session, capping a steep upward rally over the past few weeks. Prices, which hovered in the USD 60-70 range earlier, have spiked significantly since March, reflecting growing geopolitical risks.
The surge is largely driven by the evolving conflict between the US and Iran, which has intensified into a limited but active confrontation.
The situation includes airstrikes, naval blockades and proxy engagements, particularly around the strategically crucial Strait of Hormuz.
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